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You can view the entire text of Notes to accounts of the company for the latest year

BSE: 513216ISIN: INE699A01011INDUSTRY: Steel - GP/GC Sheets

BSE   ` 3.40   Open: 3.46   Today's Range 3.15
3.47
+0.09 (+ 2.65 %) Prev Close: 3.31 52 Week Range 3.05
8.39
Year End :2018-03 

1. CORPORATE INFORMATION

The company is promoted by Miglani Family since the year 1985, and ArcelorMittal has joined as Co-Promoter in the year 2009-10. They have sold their entire shareholding (inter-se transfer between the Promoters) to other Promoter Group Company w.e.f. 7th February, 2018. This has resulted in termination of Co-Promotion Agreement. In respect of the same, the Company has received requisite approvals from NSE and BSE on 21.03.2018 and 23.03.2018 respectively.

The Company is in the business of manufacturing of intermediate steel products i.e Cold Rolled Steel (CR) and Galvanised Products comprising of Galvanised Plain (GP), Galvanised Corrugated (GC) and Colour Coated Products (CCP) Coils and Sheets; situated at Khopoli, Mumbai, Western part of India. The Company is in the business of procuring Hot Rolled Steel (HR) and processing it in to CR and further in to GP and PPGI. Its current facilities are mainly in thicker and thinner guage material. The CR not used for galvanizing is converted to value added grades in Cold Rolled Closed Annealed (CRCA) coils, Cut to Length (CTL) Sheets and also sold as Full Hard CR in Domestic and Overseas markets. The market segments for value added grades include Appliance, General Engineering, Automotive, Construction, Packaging, Sandwich Panels and Others.

The Registered office of the company is situated at Uttam House, 69 P D'Mello Road, Carnac Bunder, Mumbai.

* Does not include Rs. 3.25 Crores (Previous Year 50.24), Excise Duty paid against Job work despatches under Rule 10A..

** Manufactured Sales includes Export Sales worth Rs.187.30 Crores ( Previous Year Rs.1310.92 Crores)

*** Includes Hot Rolled Picked & Oiled Products (HRPO), Tube Products and Re-Processed Arisings.

The Company had given a corporate guarantee of Rs.87.54 Crores (Previous Year Rs.87.54 Crores) to Commissioner of Customs against export obligation of Uttam Galva Metallics Limited.

The Company had given a corporate guarantee of US$ 22 Million (US$ 22 Million) to Macquarie Bank Limited, against Working Capital Facility availed by Uttam Galva North America Inc, a wholly owned subsidiary.

The Company had given a corporate guarantee of US$ 12.50 Million (US$ 12.50 Million) to Brown Brothers Harriman & Co. (BBH) against Working Capital Facility availed by Uttam Galva North America Inc, a wholly owned subsidiary.

2. (a) The Income Tax Assessments are completed up to AY 2014-15.

(b) The Sales Tax Assessments are completed up to 31st March, 2014.

(c) The Company does not expect any liability on remaining assessments / appeals.

3. The company has recognised Industrial Promotion Subsidy (IPS) receivable from Government of Maharashtra in respect of Mega Project under Package Scheme of Incentive (PSI) 2007.

During the Financial Year, the Company has treated incentive receivable under the said scheme to the tune of Rs.63.30 Crores (Previous Year Rs.51.29 Crores) as Other Income.

4. As per circular dated 13.06.2017 issued by RBI, our Company has been placed under the second list of defaulting Company as identified by RBI for reference to National Company Law Tribunal (NCLT) for working out the resolutions plan. The Company is operational, utilizing its Plant capacity to the optimum, and has been regular in payment of statutory dues and payments to employees. A long term resolution plan is already in process and the management is quite confident to reach at some workable resolution plan to resolve financial indebtedness with the lenders within the stipulated time limit and to continue its business as a going concern. Accordingly, these financial statements have been prepared on going concern basis.

5. Taxation.

(a) The Company does not have any taxable income as per the provisions of the Income Tax Act, 1961, nor liable to MAT (Minimum Alternate Tax), hence no provision has been made.

6. Segment Reporting

The Company is Manufacturing of Steel Products and also has a Captive Power Plant, hence it is reporting its results in single segment as required by Ind-AS 108.

7. Sundry Debit Balances and Credit balances are subject to confirmations.

8. Previous Year's figures are regrouped and rearranged wherever necessary.